Production from NQ’s Hellyer mine continues to generate significant revenue and income

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The Hellyer mine in Tasmania, 100%-owned by NQ Minerals PLC (LON:NQMI)(AQSE:NQMI), generated revenue of A$19.8mln from production of base and precious metals during the second quarter to June 2021.


Operating profits rang in at A$11mln and net income was A$5.7mln.


These results exclude costs at the PLC level, as cash generated by Hellyer is currently held at the Hellyer subsidiary level as agreed under financing agreements with bankers.


During the quarter Hellyer produced 8,774 dry metric tonnes of lead concentrate, 4,410 dry metric tonnes of zinc concentrate, 1,096 ounces of gold and 242,798 ounces of silver.


A major capital works programme to construct the first stage of a new tailings storage facility was completed during the quarter at a cost of A$16.4mln.


Meanwhile, work to recommission the plant at the Beaconsfield project continues.


“The board does not underestimate the challenges it sees ahead, the most immediate being to restructure the company’s remaining debt, whilst simultaneously raising additional financing,” said chairman David Lenigas.


“The board is working tirelessly to achieve a satisfactory outcome for its shareholders and creditors.”


A planned London listing remains in the works.

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